A 'Good Start' Plan -- for Life

The sooner you understand your long term needs for financial planning and get a plan in place, the better-positioned you will be to address the various stages of your life. You need to protect your income in the short-term and save for future needs. We understand that money may be tight in the early years, but an affordable plan which gets you started on the basics – and can be incrementally increased as you go – will provide a measure of security and an awareness of what you need to do to further advance your financial well-being.

Parents of young adults can help them get on track early. Emphasize the need to plan. Encourage them to protect their earning power now and save for the future. After all, you want them to be -- and remain -- independent so that you can enjoy your own retirement!

Affordable options are available to establish such a plan. An excellent way to transition wealth to the next generation may be to help your young adult children cover the costs of their own plan in the early years by e.g. paying some of the premiums of an insurance plan which covers them in case of disability, critical illness or even death. They and their families will be prepared to face those challenges if and when they arise.